Deadline to invest in special FDs, ITR filing, credit cards: Important money changes in August 2023

The month of August will bring few changes that can have an impact on your savings and investments. Here are five changes that will come into effect in August that you should watch out for.

Axis Bank credit card rule change
There is bad news if you use a Flipkart Axis Bank credit card. The private sector bank has lowered some cashback and incentive points on Flipkart Axis Bank credit cards as of August 12, 2023.

Also read: Credit card rule change: Axis Bank cuts cashback, rewards on Flipkart Axis Bank credit card from this date


According to the Axis Bank website, starting on August 12, 2023, you will be qualified for a cashback of 1.5% when using your credit card to pay for travel-related expenses on Flipkart. According to the bank, using the Merchant Category Code (MCC) 9399 to pay for government services would not earn you any cashback. Additionally, you won't be qualified for cashback on fuel purchases, gift card purchases made on Flipkart and Myntra, EMI transactions, etc.

SBI Amrit Kalash
Last date to invest in SBI Amrit Kalash is August 15, 2023. According to the SBI website, this 400-day term deposit offers a rate of 7.1% for regular customers and 7.6% for senior citizens. As per the SBI website, “The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%.” This SBI special FD scheme also includes premature withdrawal and loan against deposit options.

Indian Bank IND SUPER 400 DAYS
With effect from March 6, 2023, a new special retail term deposit product called "IND SUPER 400 DAYS" has been introduced. It offers a higher rate of interest for investments lasting 400 days and ranging from Rs. 10000 to less than 2 Crore in the form of FD/MMD with callable options. Last date to invest under the scheme is August 31, 2023. Indian Bank will now offer 7.25% interest rates to the general public, 7.75% to seniors, and 8.00% to super senior citizens, under the scheme.

Indian Bank IND SUPREME 300 DAYS
As per the website, “Special Retail Term Deposit Product “IND SUPREME 300 DAYS” has been launched w.e.f 01.07.2023 offering attractive rate of interest for investment starting from Rs.5000 to less than 2 Crore for 300 days in the form of FD/MMD with callable options.” The scheme is valid up to August 31, 2023.
Indian Bank will now offer 7.05% interest rates to the general public, 7.55% to seniors, and 7.80% to super senior citizens.

Penalties for belated income tax return
Penalties would apply to taxpayers who didn't file their income tax return (ITR) by July 31, 2023. Those who file their ITR after the required date will be subject to a fine of up to Rs 5,000 starting August 1, 2023. If you fail to submit your ITR by the deadline, you have until December 31, 2023, to file belated returns.
A penalty of Rs 5,000 must be paid under Section 234F of the Income Tax Act of 1961 for submitting a return after the due date. The fine is only Rs 1,000 for taxpayers whose annual gross income is less than Rs 5 lakh.

IDBI Bank Amrit Mahotsav FD for 375 Days and 444 Days
IDBI Bank has introduced a special bucket of “Amrit Mahotsav FD for 375 days” offering a peak rate of 7.60% p.a. valid till August 15, 2023. Besides this, existing “Amrit Mahotsav FD for 444 days” under callable option offers a peak rate of 7.65% p.a. and under non-callable option offers a peak rate of 7.75% p.a. The another new scheme of 375 days is effective from July 14, 2023 and valid up to August 15, 2023.

Bank holidays August 2023
Banks will be closed for 14 days in August 2023, including second and fourth Saturdays, Sundays, and other days. There are state-specific bank holidays, as well as others when all banks in the country are closed. On August 15th, all banks in India will be closed in observance of Independence Day.
Also read: Bank holidays in August 2023: Banks to be closed for 14 days in August, here’s the state-wise bank holiday list